-LRB- CNN -RRB- -- Bayern Munich might be licking their wounds after defeat in the European Champions League final , but the German club can find comfort in victory of a different kind : by beating Chelsea in football 's financial league table .

Despite Saturday 's crushing penalty shootout loss to the English side in their own backyard at the the Allianz Arena , the Bavarians have been ranked as the second most valuable brand in football .

According to a new report by independent consultancy Brand Finance , which has compiled a list of the 50 biggest brands in the sport , the four-time European champions have been valued at $ 786 million .

Chelsea , by comparison , made fifth place with a value of $ 398 million .

But English giants Manchester United lead the way , as in 2011 , with a brand estimated to be worth $ 853 million .

`` Manchester United have got a global reach , '' Brand Finance 's head of sports brands Dave Chattaway told CNN .

Click here to see football 's top 10 brands

`` United have got quite a professional setup , with people who have worked for Pepsi , Disney , all different kinds of marketing industries . They have brought their expertise into the sports industry . ''

But Bayern are the year 's big winners .

Despite the defeat by Chelsea and having been beaten to the German league and cup by Borussia Dortmund , the club 's brand value grew by 59 % over the last 12 months .

`` If you look at Bayern Munich , they are a domestic powerhouse , '' said Chattaway .

`` They have got really strong links with strong German brands .

`` Bayern have long-term deals , they have been with Adidas for over 10 years . They generate the highest commercial revenue and they are able to negotiate the highest possible deals based on their dominance of the German market . ''

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Behind United and Bayern are the Spanish `` El Clasico '' rivals of Real Madrid , third with a value of $ 600 million , and Barcelona , with a brand worth $ 580 million .

Spanish champions Real and 2011 European champions Barca have seen similar decreases in the value of their brands , 7 % and 8 % respectively , which Chattaway puts down to the country 's current economic plight .

`` They have both had relatively successful years on the pitch , '' he said .

`` The eurozone crisis has really impacted the capital in Spain and Italy . It 's not necessarily something they are doing wrong commercially , it 's a sign of the economy they operate in . ''

The top 10 is dominated by teams from the English Premier League , with United and Chelsea followed by 2011-12 title winners Manchester City in eighth -LRB- $ 302 million -RRB-

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`` Within Europe , the Premier League is still the pinnacle , '' explained Chattaway . `` It still generates the most money because of the broadcast rights .

`` It is much more attractive to a foreign audience than the German Bundesliga or the Spanish First Division . The Premier League clubs are benefiting from that . ''

Italian Cup winners Napoli -LRB- $ 85 million -RRB- were the only Serie A club to increase brand value , coming off the back of a relatively successful Champions League campaign , to be 22nd overall .

AC Milan -LRB- $ 292 million -RRB- placed ninth on the list after winning the title in 2010-11 , while this season 's champions Juventus -LRB- $ 160 million -RRB- fell from 10th in 2011 to 16th this year .

Former England captain David Beckham and his Los Angeles Galaxy teammates enjoyed a landmark year in 2011 , being crowned Major League Soccer champions for a third time .

Despite their success , and despite boasting one of football 's most recognizable and marketable stars , the Galaxy -LRB- $ 46 million -RRB- only crept onto the list in 50th position .

`` The game in the U.S. is still developing massively , '' said Chattaway .

`` The revenues are a fraction of those in Europe . The games are rarely sold out and the grounds themselves have quite a small capacity .

`` The commercial deals in the U.S. can not compete with the European market . The MLS is still largely only shown in the U.S. , it has n't really expanded globally as quickly as we would have expected . ''

With such a huge gap between the sport 's most lucrative brands and those with less commercial appeal , are football clubs making the most of their financial potential ?

`` I think there is more scope for all the clubs to further maximize value -- clubs have traditionally been slow and unimaginative in monetizing the brand they own , '' Chattaway said .

`` There is scope for football clubs to learn from U.S. sports marketing practices .

`` The clubs need to better understand the brand asset that they own so that they can ensure they get the right returns on all commercial deals . ''

The list took into account various revenue streams for clubs , such as ticket sales , merchandising , sponsorship deals and money received from the sale of broadcasting rights .

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Manchester United again named football 's most valuable brand

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The 19-time English champions are worth a reported $ 853 million

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Germany 's Bayern Munich second on the list , worth an estimated $ 786 million

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Spanish rivals Real Madrid and Barcelona both see small decreases in brand value